A recent report published by
Infinium Global Research on the RFID blood monitoring system market provides an in-depth analysis of segments and sub-segments in the global as well as
regional RFID blood monitoring system market. The study also highlights the
impact of drivers, restraints, and macro indicators on the global and regional RFID
blood monitoring system market over the short term as well as long term. The
report is a comprehensive presentation of trends, forecasts, and dollar values of
global RFID blood monitoring system market. According to the report, the global
RFID blood monitoring system market is projected to grow at a CAGR of 21.62%%
over the forecast period of 2020-2026.
Market Insight
RFID systems are being used in the
healthcare sector to manage and track blood products from the initial donor
phlebotomy to final disposition or product transfusion. Several transfusion
departments and hospital supply chains have been able to manage blood samples
and components to facilitate the identification and transfusion of blood products
to the correct patient through RFID-enabled transfusion practices. Moreover,
these systems also increase provider productivity and product quality.
The current concern over the
spread of novel coronavirus is also anticipated to have a positive impact on
the RFID blood monitoring system market for the short term. Moreover, the
pressures facing the healthcare sector in the wake of the Covid-19 outbreak are
unprecedented. Regardless of the determination of amazing staff, the
already-stretched system has found itself further confronted by the sheer
scope, speed, and severity of the crisis. At this critical time, it is more
important than ever for industries to unite in evolving innovations that will
help the health service now and in the near future. This technology not only
enhances the visibility and monitoring of blood but also protects healthcare professionals by limiting physical contact with patients. Apart
from that, the growing digitalization of healthcare in developing countries
along with healthcare RFID becoming more prominent and is expected to witness
growth over the forecast period.
Transfusion therapy is an integral
part of treatment in several diseases and blood disorders. Therapies such as
RBC transfusion, platelet transfusion, and plasma transfusions are being widely
adopted and continuously evolving to meet the requirements of a changing
disease landscape. The growth of these transfusion therapies are largely driven
by the increasing incidence of infectious diseases, the rising number of
accidents & trauma cases. Further, the rising occurrence of cancer that
requires a high amount of blood for chemotherapy has enhanced the growth of blood
transfusion therapies. In addition, inherited blood diseases, such as
thalassemia, sickle cell disease, and glucose-6-phosphate dehydrogenase
deficiency are also affecting millions of people.
Apart from that, reducing blood
transfusion errors have been the primary focus for hospitals and clinics as
transferring blood products from donation or supply centers to medical
facilities involves multi-steps, which can introduce human error. Moreover, RFID
systems helps to support blood collection, as well as the processing,
labeling, inventory, and distribution of blood products. These systems are
being used to regulate and monitor smaller samples of red cells, plasma,
platelets, and other blood-related products, which in turn increases the
adoption of these systems in transfusion medicines. However, data privacy,
management, and security concerns to hamper the growth of the RFID blood monitoring
systems market. In addition to that, high cost of RFID technology to impede the
adoption of RFID blood monitoring systems.
Among the geographies, North
America dominates the global RFID blood monitoring system market owing to the
presence of advanced healthcare infrastructure. Furthermore, Europe is expected
to hold a significant share in the global RFID blood monitoring system market
due to the rapid adoption of technologically advanced tools along with
diagnostic efficiency and testing across the region. The global RFID blood
monitoring system market in the Asia Pacific region is projected to witness the
fastest growth owing to the increasing incidence of disease rates leading to
rising blood diagnostic and blood inventory management. Latin America and
Middle East & Africa are likely to expand at a healthy pace in the coming
years owing to the rising emphasis on technological advancements in the
diagnosis and treatment process is likely to boost demand for the RFID blood
monitoring system market in the region.
Segment Covered
The report on the global RFID blood
monitoring system market covers segments such as type, and end-user. On the
basis of type, the sub-markets include systems, and tags. On the basis of
end-user, the sub-markets include blood banks, and hospital blood Centers.
Companies Profiled:
The report provides profiles of
the companies in the market such as Invengo Information Technology Co Ltd,
LogTag recorders Ltd, Cardial Health, Terso Solutions Inc., InnerSpace,
Digi-Trax Corp, SATO Vicinity Pty Ltd., Mobile Aspects Inc., LogiTag Medical
Solutions, and Other Companies.
Report Highlights:
The report provides deep insights
into the demand forecasts, market trends, and micro and macro indicators. In
addition, this report provides insights into the factors that are driving and
restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis
given in the report brings an insight into the investment areas that existing
or new market players can consider. The report provides insights into the
market using analytical tools such as Porter's five forces analysis and DRO analysis
of the RFID blood monitoring system market . Moreover, the study highlights current
market trends and provides forecasts from 2020-2026. We also have highlighted
future trends in the market that will affect the demand during the forecast
period. Moreover, the competitive analysis given in each regional market brings
an insight into the market share of the leading players.